Evidence continues to accumulate that a deficiency of estrogen action on bone is a major contributor to bone loss in elderly men. Because of feminizing effects, estrogen cannot be given as treatment. However, raloxifene is a non-feminizing form of estrogen that has an estrogen agonist effect on bone. The purpose of this study is to compare the tolerance and long-term effects of raloxifene versus ploacebo on bone resorption and bone formation in elderly men as assessed by measurement of biochemical markers.